By Stephen Nakrosis

 

Wells Fargo & Co. on Thursday said it would be working with Duke Energy Corp. and NextEra Energy Resources LLC to increase its use of solar energy in North Carolina under Duke's Green Source Advantage program.

Wells Fargo said as part of a 20-year renewable energy purchase agreement, it will consume 100% of the solar energy produced by the Blackburn Solar Project. The project is a 58-megawatt 600-acre solar farm which is slated to be built in Catawba County, N.C.

The project will be developed, owned and operated by a subsidiary of NextEra Energy, Duke said, adding the project is scheduled to come online as early as 2022.

Wells Fargo said energy provided under the deal will let it meet more than 50% of total electricity needs and 100% of its eligible load within the Duke Energy Carolinas service area.

"Investing in solar energy development in North Carolina will support job creation, tax revenue, reduced carbon emissions and grid resiliency," said Nate Hurst, head of Social Impact and Sustainability at Wells Fargo. "We appreciate the collaboration with Duke and NextEra to advance our enterprise sustainability goals in a way that benefits the local economy."

Duke said its Green Source Advantage program lets large customers "offset their power purchases by securing renewable energy from projects connected to the Duke Energy grid."

 

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

April 08, 2021 11:53 ET (15:53 GMT)

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